LGO announced that it has reached an agreement with BNP Paribas to terminate the prepaid swap at its current value of US10.8M including all future interests and fees.
LGo will have a schedule of repayments, starting with the next three months (December 2015 - February 2016) at a reduced rate of US$75,000 per month, after which the remaining outstanding balance will be recovered over the following 19 months at at rate of approximately 5% per month.
LGO and BNP will continue to have regular constructive discussions aime d at assisting LG to establish a secure and sustainable platform for future investment.
Meanwhile, LGO is working closely with its US advisors, Wellford capital markets and height Securities ons trategic investments in the business. LGO expects to be actively discussing with potential investments with clients of Wellford and Height in the next two months.
The agreement reached with BNP is pivotal to LGo to maintain the momentum in their oil production operations in Trinidad.
My disclosure: I own shares of LGO
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